Renewable energy focus: Andhra Pradesh Greenlights Rs 44,776 crore investment wave

Andhra Pradesh investment board has approved projects worth Rs 44,776 crore this month, largely in the clean energy space, which will generate 19,580 jobs, the state government said.

Energy Sector Investments

Of the projects approved, Rs 42,932 crore worth of projects are in the energy sector, mostly solar energy. The energy projects cleared include Rs 14,328 crore investment by Navayuga Engineering Company Ltd and Rs 10,300 crore investment by Megha Engineering and Infrastructure Ltd.

Additional Company Approvals

Other companies whose projects were cleared include Tata Power Renewable Energy Ltd (Rs 2,000 crore), Ayana Renewable Power Pvt Ltd (Rs 4,435 crore), Ampin Energy Transition Pvt Ltd (Rs 3,142 crore), SAEL Solar MHP1 Pvt Ltd (Rs 1,728 crore), SAEL Solar MHP2 Pvt Ltd (Rs 1,728 crore), Cuddapah Renewables Pvt Ltd (Rs 1,163 crore) and Ecoren Energy India Pvt Ltd (Rs 1,651 crore). According to the state government, Rs 1,844 crore worth of projects in other sectors were also approved.

Cumulative Project Approvals

Since July 2024, the State Investment Promotion Board (SIPB), headed by Chief Minister Nara Chandrababu Naidu, has approved projects worth Rs 3.1 trillion with employment potential of 3.12 lakh people. The latest project approvals happened at the SIPB's fourth meeting. Andhra Pradesh IT Minister Nara Lokesh said, "Our new investment policies have created a favourable environment for investments in Andhra Pradesh". In the latest SIPB meeting, clean energy was the focus, with approvals granted for projects that will create about 13,000 jobs.

Renewable Energy Targets

"Andhra Pradesh has targeted to develop 160 GW of renewable energy under our new integrated clean energy policy," he said. "We welcome leading investors to develop their projects in Andhra Pradesh and supply clean energy to fulfil the nation's climate goals." India is targeting 500 gigawatts (GW) of renewable energy capacity by 2030 in its pursuit of cutting its carbon emission to net zero by 2070.

Economic Impact of Approvals

"The Andhra Pradesh State Investment Promotion Board (SIPB) today approved projects across solar energy, storage, electronics manufacturing, and fertiliser sectors," it said, adding that the latest approvals would give a significant boost to the state's economy. The SIPB approved 12 projects worth Rs 44,776 crore, which is expected to generate a whopping 19,580 jobs in the state. "This is a massive win for Andhra Pradesh, and it's a testament to the government's efforts to attract investments and create employment opportunities," the state government said.

Historical Investment Approvals

Since July 2024, the SIPB has approved projects worth a cumulative Rs 3.1 trillion, including Rs 61,780 crore investment of ArcelorMittal Nippon India Pvt Ltd in an integrated steel plant with captive port. Other previous major project approvals include Rs 8,240 crore investment by Astha Green Energy Ventures India Pvt Ltd in a 1,800 MW pump storage plant project. Besides, John Cockerill Greenko Hydrogen Solutions Ltd will set up an electrolyser manufacturing facility at an investment of Rs 2,000 crore.

(Except for the headline, nothing has been changed by All India News Network in the PTI copy.)